LONDON (AFP)- The London Stock Exchange Group (LSE) announced on Friday (April 13) that it has picked Goldman Sachs banker David Schwimmer, an American, as its new chief executive.

Schwimmer, 49, will start on August 1 after a 20-year career with US banking giant Goldman Sachs, the LSE announced in a statement.

"It is an honour and privilege to be asked to lead London Stock Exchange Group," Schwimmer said. "It is both an iconic institution and a great business. Having worked with exchanges and other market infrastructure companies for much of the past 20 years, I have been impressed by its strong track record of partnering with customers to deliver innovative solutions."

Frenchman Xavier Rolet had stood down as LSE boss in November 2017 after a reported boardroom struggle on concerns over his management style.David Warren, who has been standing in as interim chief executive, will stay on as finance chief.